B.C. Government to Invest in Affordable Housing

The government of British Columbia has announced plans to make the largest investment in rental housing in the history of the province. The goal is to build 2,900 rental units over the next three years at a cost of $500 million.

Funding for this project will come from the recently announced 15% tax on real estate purchases by foreign buyers. Premier Christy Clark, in making the announcement, said the province will rely on partnerships with nonprofit groups, community agencies and the private sector to build the new housing units.